Vietnam International Bank (VIB) last week announced its annual financial results for 2018. Pre-tax profit reached VND2.741 trillion ($118.1 million), up 95 per cent year-on-year and 37 per cent higher than the plan. This was the second consecutive year VIB’s profit nearly doubled.

Revenue rose 48 per cent, in which interest income and non-interest income increased 40 per cent and 92 per cent, respectively. Non-interest income contributed 20 per cent to total revenue. The cost to income ratio (CIR) reached an efficient 44 per cent, falling 13 per cent year-on-year. Return on equity (ROE) rose sharply, to 22.5 per cent, putting VIB among those banks with the highest ROE.

Its retail banking business continued to make a key contribution, with revenue up 90 per cent. the wholesale banking and treasury banking businesses also saw significant growth in profit, of 22 per cent and 49 per cent, respectively.

As at December 31, total assets stood at nearly VND140 trillion ($6.03 billion). Thanks to this impressive growth, VIB has surpassed many large joint stock banks in terms of retail lending balance and affirmed its position among joint stock banks with a high retail lending market share.

VIB’s equity is VND10.662 trillion ($459.67 million). Its capital adequacy ratio (CAR) under Basel II standards was 10.2 per cent, while its non-performing loan (NPL) ratio is 2.2 per cent, with zero legacy loans sold to the Vietnam Asset Management Company (VAMC).